Company owner Brian Alfaro, who sought Chapter 11 bankruptcy protection for Primera on June 3, said the year-to-date revenue figure for 2015 was misstated in the court filing and should have been about $1.3 million. He said the company’s books are “really messed up,” citing the exit of Primera’s accountant in January.

“Back then, (oil prices) were higher so you sold more,” Alfaro said. The U.S. oil benchmark peaked at more than $107 a barrel in June of last year before tumbling in the latter half of last year. The price turned sharply lower at Thanksgiving before bottoming at $43.46 in March. It has since rebounded, ending Monday at $58.27 a barrel.

Brandon Barchus, a lawyer who represents more two dozen investors who allege they were defrauded by Alfaro and his companies in the purchase of oil and gas investments, said he wasn’t surprised by the revenue slide at Primera.

“Revenue of the company, it seems to me, comes from investors, and it’s become increasingly hard for him to get investors now that they’ve all figured out what really is going on,” Barchus said.

His clients charge that Alfaro has used their money to support a lavish lifestyle with multimillion-dollar homes and expensive vehicles. Alfaro has denied the allegations.

Alfaro has accused his former accountant, Mike Covington, with providing Barchus with a confidential investors list that was used to enlist investors to file a lawsuit.

Friday’s court filing didn’t mention Primera’s bottom-line results. The U.S. Trustee, which administers bankruptcy cases, cited Primera’s continuing losses and the “absence of a reasonable likelihood of rehabilitation” for seeking to have the case converted to a Chapter 7 liquidation.

The request is slated to be taken up at the next scheduled bankruptcy court hearing on July 9.

In the same court papers filed in U.S. Bankruptcy Court in San Antonio, Primera reported about $14.2 million in assets and $7.2 million in liabilities.

About $6.2 million of the liabilities are held by unsecured creditors. As previously reported, Primera’s largest unsecured creditors are Dallas-based Trican Well Services, owed almost $1.1 million, and Houston’s Platinum Pressure Pumping, owed more than $1 million.

The only creditor holding a secured claim is Karnes County National Bank, which is owed about $970,000 on a loan for Primera’s headquarters building at 21022 Gathering Oaks in San Antonio. The building is valued at slightly more than $1 million. Primera has less than $60,000 in equity in the building, the bank stated in a court filing.

Last week, the bank sought court permission to either foreclose on the property or to repossess it. The bank’s request is slated to be heard by the court on July 9.

Most of Primera’s assets are in interests in various oil and gas wells, including a nearly 60 percent interest in the Screaming Eagle No. 6H well in Gonzales County valued at about $6.5 million.

Primera hasn’t been a big oil and gas producer. Since 2013, Primera has produced 10,375 barrels of oil and 28,960 barrels of condensate in the Eagle Ford Shale, the Texas Railroad Commission’s website shows.

In the Barnett Shale, Primera has produced 3,715 barrels of oil and 305,871 barrels of casinghead gas since 2013.

Alfaro, Primera’s sole owner, received about $1 million in salary and owner draws totaling about $840,912 in the 12 months preceding Primera’s bankruptcy, the company reported in the court filing.

Invoices included in the filing show Primera has generated about a combined $101,000 in legal bills and arbitration costs in the three months ended June 2.

Primera filed for bankruptcy protection after the investors who filed suit got a judge to appoint a receiver to take control the company.

The bankruptcy stayed the lawsuit against Primera. The suit has since been moved to bankruptcy court.